We are all dream of finding the perfect CRE Acquisition in 2021 (really everyday). If you want to proactively make sure the process runs as smoothly as possible, here is a list of what you should have prepared and immediately accessible to share with the lender (thread 1/7)
Personal Financial Statement showing assets/liabilities. Find a template in excel or DM me for my template. Excel version can be painlessly updated quarterly. Lenders look for net worth > loan amount requested and non-retirement cash > 9 months P&I on loan requested (2/7)
Detailed Schedule of Real Estate Owned. Start your RE life by using either the Fannie Mae or Freddie Mac excel template. They are the most detailed and will be accepted by everyone. Painful to complete the first time but then easily updated once a quarter. (3/7)
3 months bank statements. This is self-explanatory but make sure that if you’re with a small bank that it is easy to pull copies of old online statements. Also, it is a good time of year to evaluate all of your banking relationships. (4/7)
3 years federal income taxes (including all K-1’s). The K-1 request only ever comes from local/regional banks. Once you are in the habit of keeping your K-1’s stored together/neatly in a folder then the request for “all the K-1’s from 2018” doesn’t seem nearly as daunting. (5/7)
Real Estate Resume. First section: basic personal history. Then list your deals…what type of deal, location, cost, business plan, how did it perform? Lenders want to have faith in their sponsors…more info is better here and LP & GP experience counts. (6/7)
Contact info for your team: Attorney, Insurance Agent, Preferred Title Co, Mortgage Broker, Inspector. You have to know who these people are in order to list their contact info. Build your team now before you start chasing the dream deal. (7/7)
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